According to the latest report by IMARC Group, titled “United States Specialty Generics Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the United States specialty generics market size reached US$ 18.4 Billion in 2018. Specialty drugs are a classification of drugs that require special handling, monitoring or administration. These drugs tend to have complex chemical structures and delivery mechanisms, often involving extensive research and development (R&D) and are difficult to obtain approval for. Specialty generics are the generic variants of such branded drugs which have lost their patent protection. These prescription medicines are utilized to treat chronic medical conditions such as cancer, HIV, psoriasis, epilepsy, hepatitis C, hemophilia, multiple sclerosis, rheumatoid arthritis and inflammatory bowel disease (IBD). Owing to factors such as the growing number of rare disease cases, specialty generics drugs are experiencing high demand in the United States. The market for these drugs in the country is thriving with product launch by several key market players, along with favorable initiatives by the US FDA such as the breakthrough therapy, which cumulatively aims to increase and smoothen the accessibility to these drugs for patients.
United States Specialty Generics Market Trends:
The increasing prevalence of various life-threatening diseases, including cancer and HIV, is one of the major factors driving the market growth in the United States. Additionally, an increase in the geriatric population across the country has led to the occurrence of numerous complex diseases which, inadvertently, is creating a positive outlook for the market. Also, since the manufacturing process of specialty generic drugs does not involve development and marketing costs, they are available in the market at a more affordable price point as compared to their branded counterparts. Consequently, these drugs are widely preferred by consumers as they significantly aid in reducing the overall treatment expenses. The patent expiration of several blockbuster drugs is further expected to propel the growth of the market in the region. Other factors contributing to the market growth include rising disposable incomes, growing awareness regarding these drugs, and increasing healthcare expenditure capacities of consumers. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 32.6 Billion by 2024, expanding at a CAGR of around 10% during 2019-2024.
- Based on the route of administration, the market has been divided into injectables, oral and others. Amongst these, injectables exhibit a clear dominance in the market.
- On the basis of the therapeutic application, oncology accounts for the majority of the market share. Other major segments include hepatitis, multiple sclerosis, HIV, other autoimmune diseases and others.
- Based on the distribution channel, the market has been segregated into retail, specialty and hospital pharmacies. At present, retail pharmacies hold the leading position in the market.
- The competitive landscape of the market has also been studied in the report with the detailed profiles of the key players operating in the market.
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